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10 Million Users and Counting: Can Worldcoin Sustain Growth Amid Regulatory Pressure?


Worldcoin, the ambitious crypto project co-founded by OpenAI’s Sam Altman, has soared past a major milestone. On April 11, 2024, Tools for Humanity (TFH), the organization behind Worldcoin, announced that it now has 10 million users for its World App wallet.

This rapid growth raises questions about whether the project can sustain momentum while navigating increasing regulatory scrutiny.

Worldcoin’s World App Sees Rapid User Growth Amid Regulatory Challenges

Worldcoin further noted the app’s impressive expansion. Launched in May 2023, the World App reached 4 million downloads by November and now boasts users in over 160 countries. It handles over 70 million wallet transactions and has 2 million daily active users.

Tiago Sada, Head of Product at TFH, stated that the journey has been more than just about numbers.

“We’re of course thrilled about the milestone, but even more so about the real-world impact it represents,” Sada explained.

He highlighted that the World App’s success is a testament to years of foundational work on Ethereum’s infrastructure, which is now accessible and user-friendly. Additionally, Worldcoin’s website states its growth and the World ID platform has nearly 5 million sign-ups due to rising interest.

BeInCrypto recently reported that several countries, including Kenya, Spain, and Portugal, have requested Worldcoin to halt their operations within their territories. These jurisdictions have expressed a unified concern regarding Worldcoin’s practices of collecting biometric data from users.

While the World App’s user metrics suggest a booming ecosystem, the financial performance of Worldcoin’s native token, WLD, tells a different story. Over the past week, WLD has decreased by 3%, trading at $6.51 during press time.

Worldcoin (WLD) Price Performance
Worldcoin (WLD) Price Performance. Source: BeInCrypto

This downturn is noted by analysts from BeInCrypto, who warn that without sustained buying pressure, WLD’s price could fall below the critical $6 support level, potentially invalidating recent bullish trends.

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Conclusion

In conclusion, Worldcoin’s World App has experienced rapid user growth, surpassing 10 million users in a short period since its launch. The success of the app is attributed to its user-friendly interface and the foundational work on Ethereum’s infrastructure. However, the project faces regulatory challenges in various countries, with concerns raised about the collection of biometric data from users. Additionally, despite the app’s growth, Worldcoin’s native token, WLD, has seen a decrease in value, signaling potential challenges for the project’s financial performance. Moving forward, Worldcoin will need to address regulatory concerns and sustain buying pressure to maintain its momentum and success in the crypto space.

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